- Litecoin price is showing bearish signs and has moved back from the $ 200 resistance against the US dollar.
- The LTC price is now trading well below the $ 200 level and the simple moving average of 55 (4 hours).
- There was a break below a bearish channel with support near USD 180 on the 4-hour chart of the LTC / USD pair (data feed from Coinbase).
- The pair is likely to continue falling below $ 170 and $ 165 in the near future.
Litecoin price is showing bearish signs below $ 200 and $ 195 against the US dollar, similar to Bitcoin. LTC price could drop further if it doesn’t gain strength above $ 185.
Litecoin price analysis
This week there has been a downward movement in Bitcoin, Ethereum, Ripple and Litecoin against the US dollar. Previously, LTC made a few attempts to gain strength above $ 200 and $ 202.
The bulls failed to gain strength, however, causing another drop from the $ 200 mark. The most recent swing high was at $ 198 before pausing below $ 190. There was also a break under a bearish channel with support near USD 180 on the 4-hour chart for the LTC / USD pair.
The pair fell below the USD 180 support zone and was well below the simple moving average of 55 (4 hours). A low is being formed near USD 171 and the price is clearly showing bearish signs.
If there is a downside pause below the USD 171 and USD 170 levels, there is a risk of further losses. The next major support is near the $ 165 level, below which the price could continue to decline towards the $ 150 level.
On the upside, an initial resistance near the broken channel is $ 178. It is close to the 23.6% Fib retracement level of the downward move from the high of $ 198 to the low of $ 171. The next major resistance to the upside is near the $ 185 level.
The 50% Fib retracement level of the move down from the high of $ 198 to the low of $ 171 is also close to $ 185. The main resistance is now forming near $ 195, the simple moving average of $ 55 (4 hours) and $ 200.
Litecoin (LTC) price
Looking at the chart, the Litecoin price is now trading well below $ 200 and testing the simple moving average of 55 (4 hours). Overall, the price is likely to fall further below $ 170 and $ 165 in the short term.
Technical indicators
4 Hours MACD – The MACD for LTC / USD is currently gaining pace in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI for LTC / USD is now well below the 50 level.
Major support levels – $ 170 and $ 165.
Major Resistance Levels – $ 185 and $ 195.
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